Sensex advances, Reliance stocks lead rally


Sensex advances, Reliance stocks lead rally
Mumbai: A thaw in relations between industrialists Mukesh and Anil Ambani pushed the Sensex higher by 312 points at open, as investors picked up the Ambani pack of stocks, but the market closed flat on profit selling. The chart showing the 52 week performance of Sensex is on the left. The Sensex climbed to 16,757.73 on news that the Ambani brothers decided to scrap the non-compete pact entered by them in 2006, but fag-end selling restricted gains to just 23.94 points at 16,469.55. Selling was sparked on weak opening in European stock markets, which continued to be governed by concerns over deepening deficit in Greece and its impact on global economic recovery. Similarly, the broad-based National Stock Exchange index Nifty, after rising to 5,029.55 points, declined to close with a small gain of 12.80 points at 4,943.95. Mukesh Ambani group's flagship Reliance Industries closed 2.58 per cent higher at Rs 1,021.45 and Reliance Industrial Infrastructure by 11.35 percent at Rs 783.55. Anil Ambani group stock Reliance Natural Resources rose 22.58 percent to Rs 54.55, Reliance Infrastructure 6.23 percent to Rs 1,050.05 and RCom by 10.87 percent to Rs 147.90. and Reliance Power 7.86 percent to Rs 149.55. In the 30-BSE components, 12 stocks closed with gains while 18 ended with losess. Among sectoral indices, realty, metal and auto indices fell while oil and gas, power and capital goods gained and saved the market from any major fall.
Source: PTI